Income tax refund when buying an apartment in the mortgage

In accordance with the law, the state gets 13% of the cost of real estate purchased under mortgage loan. In fact, this return of income tax monthly withheld from wages.

Who can return the money when buying a home

Entitled to an income tax deduction for the purchased mortgage apartment have all the people working officially and not hiding from the state wage.

Refund of money is possible within three years after the purchase of real estate.

Official earnings if you have more, you can get a deduction on all of their income. Also takes into account the income derived from rental and other income subject to 13% income tax.

Not eligible for refund of paid income tax in the case of the purchase of housing mortgage, individual entrepreneurs. Can't get the money back and retired employees.

The calculation of the amount of income tax deductible

The amount of property deduction calculated on the basis of the value of the purchased apartment or the house and the value of the interests paid by the Bank for the mortgage. If you buy a house with a rough finish, the value can include repair costs, building materials and finishes. You must return the 13% paid for the property amount of the loan and other costs.

It so happens that the amount of income tax deducted from wages, not enough to cover the full amount of this tax deduction. Then you get the money, but from subsequent salary payments.

But note that the maximum value of the property, which you can get a deduction of personal income tax is, by law, two million rubles. If you spent on the flat, for example, 2.5 million rubles from 500 thousand to calculate the 13% will not happen.

How to return 13% tax when buying a home

In order to put you property deduction, you must write a letter to the tax office, located at your place of residence, and provide the following documents:

If you already registered in a new apartment, don't forget to register to the IRS's place of residence.

- certificate of ownership of the house or apartment;

- a contract for the purchase of a house or apartment;

- used in purchase invoices, receipts and other documents;

banking agreement on mortgage lending.

To not have to submit a power of attorney, the documents must be issued to someone who is going to receive a refund of personal income tax.

The submitted application is reviewed within three months, after which you must tell the tax office the Bank account number to which you will return the money.

In the case where the interest on the mortgage in the full amount is not paid, you will get a deduction gradually, as pay interest. This requires an annual receipt at the Bank detailed statements of payments and presenting them to the tax office.